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Required information [The following information applies to the questions displayed below.] This year, Janelle received $190,000 in life insurance proceeds. Under the following scenarios, how
Required information [The following information applies to the questions displayed below.] This year, Janelle received $190,000 in life insurance proceeds. Under the following scenarios, how much of the $190,000 is taxable? (Leave no answer blank. Enter zero if applicable.) a. Janelle received the proceeds upon the death of her father, Julio. Taxable amount b. Janelle received the $190,000 proceeds because she was diagnosed with colon cancer (life expectancy of six months), and she needed the proceeds for her care. Taxable amount c. The proceeds related to a life insurance policy she purchased for $24,700 from a friend in need. After purchase, Janelle paid annual premiums that total $12,350. Taxable amount
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